Property means different things to different people, for some it is a home, for some it is an investment and for others it is both. There is no doubt that when most people purchase their homes they care to an extent that their purchase will also be a sensible investment born out over time. But in a world where previous generations have been able to rely on the UK’s ever increasing property prices to support them in later life and provide for their retirement, we have to wonder whether this is a status quo which will remain, or whether future generations will have to think outside of the box in order to reap the same results from their biggest asset.
There has been a growing trend over recent years which has seen people from every generation and from all walks of life look to capitalise on their home and make it work for them, not just through the passing of time and growth in the market, but in the present day. It can be enormously rewarding both financially and personally – so why aren’t we all doing it??
Air BNB can be a wonderful route for some; I know a couple who have their flat on the site and who, when they get a booking, go away for a lovely weekend on the profits in order to vacate it. You hear of houses in Wimbledon being rented out to players and avid fans for the course of the championships and who escape the chaos while they’re about it!
Filming can also be a lucrative avenue; there are many wonderful agencies who will place your property on their books for photographic shoots and for filming advertisements and TV work. You can reap around £1000 a day from it, and they put everything back to how it was when they leave….!
For those whose hefty financial sacrifice has meant they they are caught short of funds for their much needed and cherished family holidays, there is always the option of home swapping – which could mean you have the opportunity to explore far flung places you could never have dreamed of should you need to pay for it.
Whatever you decided to do with your home and however it works for you, make sure that you’re thinking about it, what it does for you now and what it needs to do for you in the future. If ever you need a helping hand with advise on what to do when and how to go about achieving your property goals; make sure you give us a call at Hillary Sayer.